According to Goldman Sachs Research of commodities, its underlying assumptions for 3, 6 and 12-month copper prices are maintained at $6,700/mt, $7,600/mt and $9,000/mt respectively.
It believes that divergent macro and micro factors will keep the short-term path of copper prices consolidating, while long-term structural shortages remain unresolved.
If current price levels extend into next year, Goldman Sachs said the world would lose 97,000 mt of secondary copper supply in the second half of 2022 and 124,000 mt in 2023.
The bank also maintained bullish expectations for 2024 ($14,000/mt) and 2025 ($15,000/mt).
